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Report by Edward FRIMPONG
The Bank of Ghana (BoG) and the Cyber Security Authority (CSA) met on Tuesday,21st June 2020 at the BoG head office in Accra, to deliberate on collaborative ways to ameliorate Cybersecurity in the banking sector and to discuss various ways of collaborating to implement the Cybersecurity Act,2020(Act 1038)
The extensive discussions were led by the first Deputy Governor of BoG, Dr.Maxwell Opoku-Afari, and the acting Director-General of CSA Dr.Albert Antwi-Boasiako.
During the discussions, the Bank of Ghana highlighted the proactive measures taken by the Bank prior to the promulgation of Act 1038, to address Cybersecurity challenges in the banking sector. The most notable of these initiatives was the issuance of the Cyber and Information Security Directive (CISD) in the year 2018 to regulate Cybersecurity related activities in the banking sector. In 2021, the bank established the Financial Industry Command Security Operations Centre(FICSOC), to provide real-time visibility into Cyber threats and attacks targeting the banking sector.
In pursuant to section 35 of Act 1038. The parties recognized the importance of securing information assets in the banking sector which have been designated as critical information infrastructure. They also recognized that the CSA is a designated security sector institution and that, elements of Cybersecurity in the Bank of Ghana’s activities are considered national security issues. The parties also recognized that under section 3(C) of Act 1038, CSA has oversight of the Bank of Ghana’s critical information infrastructure in respect of Cybersecurity activities.
The BoG and the CSA reaffirmed their commitment to work together and agreed improve collaboration and timely information flow to facilitate incident reporting and information sharing on Cybersecurity issues in pursuant to section 44 of Act 1038.
The BoG and the CSA will collaborate to interrogate and review the existing CISD 2018 to align with Act 1038.
The CSA will pay a working visit to the FICSOC as BoG and the CSA seek to promote Cybersecurity incident response and coordination.
Bank of Ghana will continue to be a key member of the joint Cybersecurity Committee (JCC) in pursuant to section 13 of Act1038, while in going forward the CSA will continue to rely on the BoG for timely provision of information on Cybersecurity incidents relating to the banking sector.
The BoG and the CSA indicated to leverage on the National Cyber Security Awareness slated for October, to organise programmes that will benefit the stakeholders of the BoG and the financial sector at large and to develop a framework in order to execute a memorandum of understanding to guide the parties on the major areas of collaboration.
After successful deliberations, the BoG and the CSA reached unanimous agreement to collaborate more closely on Cyber and Information Security related matters and to provide each other with all the necessary assistance for the efficient performance of their respective functions.
The meeting ended with a joint statement outlining the areas of cooperation to improve information sharing and to increase awareness for the benefit of the stakeholders of the BoG and the CSA.
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